Use our CD calculator to see how much you could earn with a high-interest deposit account. Start by inputting your initial deposit amount, your CD’s term in months or years, and then input your CD’s projected interest rate.
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Narrow down top CDs by opening deposits, APYs and popular terms. For an even closer comparison, tick the Compare box on up to four options to see features side by side.
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How we picked theseThe Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
Most standard CDs have a fixed rate that compounds either on a daily, monthly or annual basis. The best CDs compound interest daily. With daily compound interest, your daily interest earnings are added to your deposit which lets your interest earns interest.
If you’d rather calculate your CD’s interest by hand, follow the steps below to find the information for this equation:
A = P(1+r/n)nt
Let’s say you make a $5,000 deposit in a one-year CD, earning a 2% interest rate compounded daily. Here’s how you would calculate it using the order of operations:
Your CD would be worth $5,101 at maturity, which means you earned $101 in interest.
Here’s how much interest you’ll earn if you put $500 in a CD for up to five years — or 60 days — taking into consideration the national average rates(1) and applying a monthly compounding rate.
| Deposited amount | Term | National APY | Total earned interest |
|---|---|---|---|
| $500 | 6 months | 1.60% | $3.49 |
| $500 | 12 months | 1.77% | $9.02 |
| $500 | 36 months | 1.35% | $21.12 |
| $500 | 60 months | 1.34% | $35.70 |
While those rates are solid, there are higher-yielding options out there. Here’s the earning potential when you apply it to some of the best CD rates in the current market.
| Deposited amount | Term | APY | Earnings w/ monthly compounding interest |
|---|---|---|---|
| $500 | 6 months | 5.76% | $14.57 |
| $500 | 12 months | 5.60% | $28.73 |
| $500 | 36 months | 5.00% | $80.74 |
| $500 | 60 months | 4.59% | $128.71 |
No, probably not. CDs don’t have monthly fees and are a rather safe way to store money and earn interest, as long as it’s FDIC- or NCUA-insured.
There are only two potential ways you could lose money on a CD:
CDs can be a safe way to grow your savings and avoid the temptation of spending. But before you lock your money away in a CD, there are a few things to keep in mind.
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"CD laddering is a strategy that involves buying multiple CDs with varying maturity dates and interest rates. For example, you could buy a one-year CD with $1,000, then a two-year term with $1,000. Once the one-year CD matures, you can invest that money into another one-year CD, and then you’ll have two CDs that mature at the same time. When they mature at the same time, you can then take all the money you’ve earned from both CDs and invest it into a longer CD with a potentially higher interest rate. In short, it’s a way to save up more money for longer CDs with better rates."
If you need to withdraw a CD’s funds before the term is up, you can do so, but you’ll likely lose some earned interest. Banks often charge early withdrawal penalties if you do a partial or full withdrawal before maturity, often between 90 to 365 days of earned interest, depending on the CD’s term and the bank’s policies. Additionally, most banks close your CD if you withdraw funds early. For these reasons, we recommend only putting funds in a CD that you’re confident you won’t need to access for the life of the CD.
There are also no-penalty CD options, which don’t charge penalties for cancelling a CD early. The tradeoff is they often have lower APYs than standard CDs.
CDs don’t often have APYs that high. Even the best CDs in the market usually top out at 5% APY, possibly reaching 5.50%. However, rates that high typically require large deposit amounts, often over $100,000.
Some international banks offer accounts with rates as high as 10% to 12%, and you can also find some high-yield savings accounts with rates around and above 5% APY.
CDs are generally safe, low-risk way to earn interest on your savings. See how they stack up in today’s current market.
A callable CD can be terminated before its maturity date, unlike regular CDs. However, callable CDs tend to have higher APYs as a tradeoff.
The highest CD rates in Texas are from Ciera Bank, Quontic Bank, Susser Bank, Ally Bank and more. See the full list here.
Some of the highest CD rates in Florida are from Quontic Bank, Bethpage Federal Credit Union, First Internet Bank and more. See the full list here.
Some of the highest CD rates in Michigan are from Flagstar Bank, Quontic Bank, First Internet Bank, Ally Bank and more. See our full list here.
Finding the best CD rate is vital to ensuring that your savings balance grows to the maximum amount possible in the shortest time.
High rates on a variety of terms with low opening deposit requirements.
Raisin’s Sallie Mae CDs offer a big APY for a small opening deposit.
See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2009 and learn how the economy affects rates.
